COLUMBUS, OHIO — Marcus & Millichap has brokered the sale of Morse Crossing Retail Center, a newly constructed 10,864-square-foot center, which is located at 4155 Morse Crossing Blvd. in Columbus. Tenants at the project, which commanded a sales price of approximately $6.43 million, include Jared Jewelers, Pei Wei Asian Diner and FedEx Kinko’s. John Reehil in the Columbus office of Marcus & Millichap represented the undisclosed seller in the transaction.
Retail
LOCKPORT, ILL. — Edgemark Commercial Real Estate Services has arranged the sale of a 1.86-acre site within a 95,050-square-foot Jewel/Osco-anchored strip center, which is located at 159th and Farrell in Lockport. National Tire & Battery has acquired the site for the construction of a new 26,500-square-foot location to accommodate the company’s expansion. The site, which is situated within 2 blocks of the new Interstate 355 interchange, was acquired for an undisclosed amount. Mike Wesley and Les Kristof of Edgemark Commercial Real Estate represented the seller, TBS-Lockport LLC; Brent Wayburn of Metro Commercial represented the buyer, Newton Oldacre McDonald LLC, in the transaction.
KING OF PRUSSIA, PA. — Marcus & Millichap has brokered the sale of a 13,910-square-foot retail property, located on Dekalb Pike in King Of Prussia, for $2.8 million. Situated adjacent to a shopping center anchored by Acme Grocery, the property is net leased to electronics store Tweeter. Brad Nathanson and Jordan Muchnick of Marcus & Millichap’s Philadelphia office listed the property on behalf of the seller, a locally based family trust. The pair also represented the out-of-state buyer.
SOUTHLAKE, TEXAS — Seattle-based Nordstrom has announced plans to open a 35,000-square-foot Nordstrom Rack, the company’s discount retail division, at Shops of Southlake. The store, which will open in fall 2009, will anchor the new phase of the lifestyle center, which is located at the corner of East Southlake Boulevard and South Carroll Avenue in Southlake. The new location will mark the retailer’s third Nordstrom Rack in the Dallas-Fort Worth area and its fourth in the state. Shops of Southlake is being developed by Cencor Realty Services.
MISSOURI CITY, TEXAS — Wells Fargo Commercial Mortgage has provided $21 million in financing for Riverstone Shopping Center, a 272,539-square-foot community shopping center located at 5230 Highway 6 in Missouri City. The property is anchored by Hobby Lobby and LA Fitness; additional tenants include Ross Dress For Less, PetSmart, Office Depot, and Bed, Bath & Beyond. The loan carries a 5-year term with interest-only payments, and was originated by Aaron Winkler of Wells Fargo. The borrower was not disclosed.
MOUNT DORA, FLA. — Morse Properties will break ground next June on its 160,000-square-foot Loch Leven Landing, a retail center located on the corner of U.S. Highway 441 and State Route 44. A 54,340-square-foot Publix will anchor the site, which also features 45,914 square feet of retail, restaurant and office space and nine outparcels. The property will include outside patio seating and a bike path. Orlando-based Cuhaci & Peterson Architects is providing design services for the project.
GASTONIA, N.C. — Mac McCall of Marcus & Millichap’s Atlanta office has represented CHI Franklin Square in its sale of a 5,069-square-foot Verizon Wireless retail building to GDC Gastonia and JC Gastonia for $3.2 million. Purchase of the property, which is located at 3090 E. Franklin Blvd. in Gastonia, was brokered by Arthur Nachman of Reston, Va.-based Calkain Realty Advisors.
MIAMI — The Sturman Family LP has sold the 7,600-square-foot William’s Plaza, located on South Dixie Highway in Miami, to Shops at Palmetto Bay for $2.3 million. Tenants at the fully-occupied center include Beyond Salon & Spa, Cartonics, Vilar Cigar Shop and Wheel & Tire. Kirk Olson, Drew Kristol and Arnaldo Cantero of Marcus & Millichap’s Miami office represented the seller, and Olson and Kristol represented the buyer.
CHICAGO — U.S. Equities Realty has secured a $25 million construction loan for MetraMarket, a 100,000-square-foot retail development located in Chicago’s West Loop. Situated within the Ogilvie Transportation Center complex, MetraMarket will include restaurants, shops, open space for dining and socializing, and covered ground-level parking. Tenants secured for the first phase of development include a 15,000-square-foot French Market; a 14,000-square-foot CVS/pharmacy; and a 2,900-square-foot Caffe RoM. The loan was arranged by U.S. Equities through Eurohypo AG. U.S. Equities also secured tax increment financing from the city of Chicago. Jim Whittington of U.S. Equities negotiated the deal on behalf of the firm. Construction on the project is scheduled to begin within the next several weeks.
NORTH HAVEN, CONN. — New York City-based Meridian Capital Group has arranged $39.5 million in development financing for North Haven Commons, a retail project located at the intersection of Interstate 91 and Universal Drive North in North Haven. Terms of the financing include interest-only payments, a LIBOR-based rate and a 24-month term during the construction period. Once the project is completed and stabilized, the borrower, Irvine, Calif.-based Eclipse Development Group, has the option to convert the loan into a 3-year mini-permanent loan. Allan Lieberman and Tal Savariego of Meridian’s New York office originated the financing. Eclipse has selected Connecticut-based Konover Construction Corp. to build the project, which is within Greater New Haven’s regional power center.